From renting to buying properties - what are factors to think about?
Category General News
Here’s all you need to consider when looking at making the change from renting to buying property.
Congratulations, you’re making the shift to buying properties and beginning a journey with property investment! Taking the step from renting to buying has many advantages, however there are also some tricky facts to consider. Where, and how, you live is important, so make the decision based on what's best for you in the market and your situation.
We would like to make your decision a little easier, so here’s a list of facts to consider when it comes to purchasing a property.
The long haul
Buying a property is a decision which impact yours long term plans. If you are planning on moving around, or have a job which requires constant relocation, then buying a property is not the most ideal situation for you. Renting is better if you are not willing to commit to a long term plan currently. However, buying a property is a good option if you are planning on settling down, or want an investment for the future. Buying is the perfect way to achieve the long haul of commitment property.
One of the most important factors to consider is location. The property you buy should suit your needs to amenities. This means that if you are buying a property and plan on having children, or already have children, then it is important not choose a home which is close to hospitals, malls, schools and offices. This is important when renting a property too, however if you buy a property close to these amenities your resale value will be exceptional.
Security is important for both renting and buying. However, with renting it is easier to leave if you realise that there is a security issue. Once you have bought a property, this is much more difficult. The aim is to look for security measures which will suit your lifestyle. This could be in a boomed area, a well-lit area, close to a police station or other safety features of the house. If you are buying on the Atlantic Seaboard, your dream home will most probably come with an alarm system.
Before buying a home, make sure you insist on an inspection. Contract a company or person who will be able to give you an unbiased opinion of the house you are buying. Older properties are great if you are looking to refurbish - however you will need to make sure that there are no structural flaws that could potentially cost you more than you plan. Newer properties are more expensive, but they are less likely to have long-term structural flaws. Make sure you inspect your home if you are renting in order to receive your deposit back at the end of the rental period.
Before you switch to buying properties, consider your long term savings plan. If you are in a financial position currently to buy a property, then access the markets and invest your hard earned savings. If you are not in a position to have future savings, it would be better to rent until you are able to make provisions for a rainy day.
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Want to rent, buy or sell your property on the Atlantic Seaboard or in Woodstock, Cape Town? Berman Brothers Properties specialise in listing and selling your property and we have a variety of available houses, new apartments and other real estate options to ensure that you find your next dream home. Contact us on +27(0)21 439 9030 to find out more about the latest developments in area hotspots such as Woodstock, Green Point, Sea Point, Llandudno, Camps Bay or Three Anchor Bay.
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Author: Berman Brothers